State v. Nevada Power Co.

OPINION

By the Court,

Thompson, J.:

The appeal requires us to decide whether the application of the formula used by the Nevada Tax Commission to measure the value of public utility franchises for *133ad valorem tax purposes is constitutionally permissible.1 We hold that it is not and affirm the judgment entered below.

The case was presented on an agreed statement of facts. It reads:

“IT IS HEREBY STIPULATED AND AGREED by and between the parties hereto, by and through their respective counsel, that plaintiff, NEVADA POWER COMPANY, has waived and does hereby waive its claim for tax refunds for the…